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Houston,
TX – October 2021 / Newsmaker Alert / SPB
Hospitality, an industry-leading operator and franchisor of steakhouses,
pizza and craft brewery restaurants, announced that it has completed the
acquisition of J. Alexander’s
Holdings, Inc. [NYSE:JAX]. Upon closing, each share of J. Alexander’s
common stock was converted into the right to receive $14.00 in cash per
share, which equates to an equity value of approximately $220 million.
The merger was overwhelmingly approved by J. Alexander’s shareholders.
J.
Alexander’s Holdings operates 47 upscale restaurants with award-winning
brands, including J. Alexander’s, Stoney River Steakhouse and Grill, Redlands
Grill, Overland Park Grill and Merus Grill. For more than 30 years, J.
Alexander’s Holdings’ guests have enjoyed high-quality food, an attractive
ambiance and unparalleled polished service.
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“This
acquisition is a game-changer that advances SPB’s vision of building a
best-in-class hospitality company known for creating exceptional experiences
and breaking through culinary boundaries,” said SPB Hospitality Chief Executive
Officer Jim Mazany. “I could not be more excited about the future of our
SPB Hospitality brands. We’re thrilled to welcome the J. Alexander’s team
to our family and thank them for their assistance throughout the acquisition
process.”
“We
have enormous confidence in SPB’s leadership and their vision for building
one of the strongest and most successful restaurant groups in the industry,”
said Morgan McClure, President of SPB Hospitality and Managing Director
at Fortress Investment Group. Funds managed by affiliates of Fortress own
SPB, which was created in 2020 to manage its growing portfolio of hospitality
brands. “J. Alexander’s time-honored brands and dynamic team are significant
additions to the SPB family and a major step forward in achieving SPB’s
vision.”
J.P.
Morgan Securities LLC and Configure Partners LLC served as financial advisors
and Hunton Andrews Kurth LLP served as legal counsel to SPB Hospitality
and Fortress Investment Group.
About
Fortress
Fortress
Investment Group LLC is a leading, highly diversified global investment
manager with approximately $53.9 billion of assets under management as
of June 30, 2021. Founded in 1998, Fortress manages assets on behalf of
approximately 1,800 institutional clients and private investors worldwide
across a range of credit and real estate, private equity and permanent
capital investment strategies.
About
SPB Hospitality
SPB
Hospitality is a leading operator and franchisor of full-service dining
restaurants, spanning a national footprint of hundreds of restaurants and
breweries in 38 states and the District of Columbia. Based in Houston,
the company’s diverse portfolio of restaurant brands includes Logan’s Roadhouse,
Old Chicago Pizza & Taproom, Rock Bottom Restaurant & Brewery,
Gordon Biersch Brewery Restaurant, and a collection of specialty restaurant
concepts. For more information about SPB Hospitality, visit www.SPBHospitality.com.
About
J. Alexander’s Holdings, Inc.
J.
Alexander’s Holdings, Inc. is a collection of restaurants that focus
on providing high-quality food, outstanding professional service and an
attractive ambiance. The Company presently operates 47 restaurants in 16
states. For additional information, visit www.JAlexandersHoldings.com.
Contact:
Josh
Kern
Chief
Marketing Officer
SPB
Hospitality |
